CBSK scores financing for LIC condo project

Deutsche and Canyon Partners provide $83M package

TRD New York /
Sep.September 28, 2017 04:20 PM

From left: 21-30 44th Drive (credit: Google Maps), Ironstate’s David Barry and Deutsche Bank’s Matt Borstein

CBSK Ironstate secured a $82.9 million financing package for its Long Island City condominium development at 21-30 44th Drive.

Deutsche Bank is providing a $61.8 million senior construction loan and Canyon Partners Real Estate is chipping in $21.1 million in preferred equity.

Maverick Commercial Properties’ Adi Chugh brokered the senior loan.

The condo project, a block away from Court Square, will stand eight stories tall and include 85 apartments. The developer submitted an offering plan with the Attorney General’s office in August, but has yet to win approval. CBSK Ironstate is a joint venture of three firms: CB Developers, SK Development and Ironstate Development.

In January, CBSK won the attorney general’s approval for a $143 million condo development in Murray Hill.

Deutsche Bank was the most active commercial real estate lender in New York in the second quarter, according to CrediFi.

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